NYSE : AEG
Aegon Ltd. — Financial statements
Financials · Insurance - Diversified · Netherlands
Last price 8.18 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 12.33B
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Financial statements
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 8.79B | 9.10B | 9.84B | 10.39B | 11.25B | 10.31B |
| Total Interest & Dividend Income | -26.81B | -24.86B | -18.46B | -18.81B | 40.91B | 4.89B |
| Gain (Loss) on Sale of Investments | 27.19B | 26.91B | 19.69B | 22.32B | -49.92B | 23.81B |
| Other Revenue | 2.51B | 1.04B | 1.77B | -924.00M | 12.05B | 7.49B |
| Total Revenue | 11.68B | 12.19B | 12.85B | 12.93B | 14.29B | 46.50B |
| Policy Benefits | 4.96B | 5.42B | 6.20B | 6.78B | 7.46B | 40.10B |
| Policy Acquisition & Underwriting Costs | 1.44B | 1.47B | 1.54B | 1.57B | 879.00M | 2.13B |
| Selling, General & Administrative | -75.00M | 1.29B | ||||
| Other Operating Expenses | 4.28B | 4.05B | 4.07B | 4.07B | 4.62B | |
| Total Operating Expenses | 11.18B | 11.45B | 12.51B | 13.05B | 13.59B | 45.04B |
| Operating Income | 503.00M | 741.00M | 339.00M | -120.00M | 696.00M | 1.46B |
| Interest Expense | -301.00M | -337.00M | -399.00M | -452.00M | -289.00M | -246.00M |
| Earnings From Equity Investments | 691.00M | 503.00M | 583.00M | 299.00M | 241.00M | 217.00M |
| Currency Exchange Gain (Loss) | -2.00M | 2.00M | 36.00M | 182.00M | ||
| Other Non Operating Income (Expenses) | 155.00M | 133.00M | 100.00M | 22.00M | 11.00M | 1.00M |
| EBT Excluding Unusual Items | 1.05B | 1.04B | 621.00M | -249.00M | 695.00M | 1.62B |
| Gain (Loss) on Sale of Assets | 46.00M | -78.00M | 181.00M | |||
| Asset Writedown | 29.00M | 5.00M | -7.00M | -64.00M | -50.00M | -2.00M |
| Legal Settlements | -101.00M | |||||
| Other Unusual Items | -350.00M | |||||
| Pretax Income | 1.08B | 1.04B | 660.00M | -391.00M | 826.00M | 1.16B |
| Income Tax Expense | 60.00M | 65.00M | -16.00M | -209.00M | 71.00M | 95.00M |
| Earnings From Continuing Ops. | 1.02B | 980.00M | 676.00M | -182.00M | 755.00M | 1.07B |
| Earnings From Discontinued Ops. | -34.00M | -17.00M | -1.30B | 632.00M | ||
| Net Income to Company | 983.00M | 980.00M | 676.00M | -199.00M | -541.00M | 1.70B |
| Minority Interest in Earnings | 24.00M | -3.00M | 12.00M | 20.00M | -29.00M | -50.00M |
| Net Income | 1.01B | 977.00M | 688.00M | -179.00M | -570.00M | 1.65B |
| Preferred Dividends & Other Adjustments | 71.00M | 53.00M | 77.00M | 48.00M | 36.00M | 39.00M |
| Net Income to Common | 936.00M | 924.00M | 611.00M | -227.00M | -606.00M | 1.61B |
| Shares Outstanding (Basic) | 1.52B | 1.56B | 1.64B | 1.89B | 2.02B | 2.06B |
| Shares Outstanding (Diluted) | 1.52B | 1.56B | 1.64B | 1.89B | 2.02B | 2.06B |
| EPS (Basic) | 0.62 | 0.59 | 0.37 | -0.12 | -0.30 | 0.78 |
| EPS (Diluted) | 0.62 | 0.59 | 0.37 | -0.12 | -0.30 | 0.78 |
| Free Cash Flow | 1.74B | 393.00M | 711.00M | 799.00M | 2.60B | -1.87B |
| Free Cash Flow Per Share | 1.15 | 0.25 | 0.43 | 0.42 | 1.28 | -0.91 |
| Dividend Per Share | 0.42 | 0.40 | 0.35 | 0.30 | 0.23 | 0.17 |
| Operating Margin | 4.31% | 6.08% | 2.64% | -0.93% | 4.87% | 3.15% |
| Profit Margin | 8.01% | 7.58% | 4.76% | -1.75% | -4.24% | 3.47% |
| Free Cash Flow Margin | 14.91% | 3.22% | 5.53% | 6.18% | 18.20% | -4.03% |
| EBITDA | 21.00M | 837.00M | 1.47B | |||
| EBITDA Margin | 0.16% | 5.86% | 3.15% | |||
| D&A For EBITDA | 141.00M | 141.00M | 2.00M | |||
| EBIT | 503.00M | 741.00M | 339.00M | -120.00M | 696.00M | 1.46B |
| EBIT Margin | 4.31% | 6.08% | 2.64% | -0.93% | 4.87% | 3.15% |
| Effective Tax Rate | 5.57% | 6.22% | 8.60% | 8.16% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 52.49B | 56.20B | 60.89B | 55.81B | 59.34B | 93.90B |
| Investments in Equity & Preferred Securities | 4.75B | 19.80B | 20.14B | 20.83B | 17.46B | 3.38B |
| Policy Loans | 1.89B | |||||
| Other Investments | 104.79B | 201.38B | 204.05B | 181.15B | 166.24B | 5.69B |
| Total Investments | 162.08B | 277.86B | 285.60B | 258.27B | 243.54B | 156.79B |
| Cash & Equivalents | 3.52B | 603.00M | 1.09B | 4.07B | 3.40B | 6.89B |
| Reinsurance Recoverable | 17.37B | 17.15B | 16.02B | 16.61B | 16.94B | 21.74B |
| Other Receivables | 9.59B | 15.21B | 17.00B | 16.42B | 18.15B | 10.81B |
| Deferred Policy Acquisition Cost | 9.30B | |||||
| Separate Account Assets | 251.00B | |||||
| Property, Plant & Equipment | 337.00M | 398.00M | 408.00M | 480.00M | 469.00M | |
| Goodwill | 313.00M | 346.00M | 291.00M | 316.00M | 392.00M | |
| Other Intangible Assets | 387.00M | 129.00M | 118.00M | 101.00M | 46.00M | 127.00M |
| Restricted Cash | 2.58B | 2.90B | 516.00M | 3.37B | 314.00M | |
| Other Current Assets | 138.93B | 507.00M | 793.00M | 1.88B | 91.21B | 8.78B |
| Long-Term Deferred Tax Assets | 1.86B | 1.89B | 2.44B | 2.35B | 2.43B | 131.00M |
| Long-Term Deferred Charges | 457.00M | 430.00M | 468.00M | 427.00M | 452.00M | 1.20B |
| Other Long-Term Assets | 3.54B | 203.00M | 230.00M | 234.00M | 145.00M | 933.00M |
| Total Assets | 337.73B | 317.23B | 327.39B | 301.58B | 380.49B | 468.88B |
| Accrued Expenses | 851.00M | 894.00M | 869.00M | 875.00M | 1.15B | |
| Insurance & Annuity Liabilities | 137.41B | 176.74B | 189.17B | 179.08B | 176.80B | 111.92B |
| Unpaid Claims | 3.06B | |||||
| Unearned Premiums | 6.55B | |||||
| Reinsurance Payable | 201.00M | 195.00M | 303.00M | 608.00M | 270.00M | 5.50B |
| Current Portion of Long-Term Debt | 10.00M | 37.00M | 32.00M | 1.15B | 824.00M | |
| Current Portion of Leases | 31.00M | 37.00M | 34.00M | 35.00M | 37.00M | |
| Short-Term Debt | 1.68B | 1.90B | 2.38B | 107.00M | 2.99B | |
| Current Income Taxes Payable | 4.00M | 1.00M | 10.00M | 4.00M | ||
| Long-Term Debt | 3.83B | 3.53B | 4.74B | 4.68B | 5.31B | 11.16B |
| Long-Term Leases | 156.00M | 179.00M | 171.00M | 175.00M | 215.00M | |
| Long-Term Deferred Tax Liabilities | 13.00M | 64.00M | 57.00M | 30.00M | 1.72B | |
| Separate Account Liability | 41.86B | 119.09B | 114.00B | 96.86B | 86.28B | 253.91B |
| Other Current Liabilities | 137.07B | 310.00M | 433.00M | 1.50B | 89.01B | 5.73B |
| Other Long-Term Liabilities | 8.37B | 4.62B | 5.73B | 5.08B | 8.98B | 33.31B |
| Total Liabilities | 328.74B | 307.74B | 318.08B | 292.03B | 369.55B | 442.04B |
| Common Stock | 7.08B | 229.00M | 241.00M | 267.00M | 319.00M | 321.00M |
| Additional Paid-In Capital | 6.85B | 6.85B | 6.85B | 6.85B | 7.03B | |
| Retained Earnings | 3.89B | 4.24B | 4.35B | 5.10B | 7.77B | 12.63B |
| Treasury Stock | -447.00M | -398.00M | -346.00M | -668.00M | -273.00M | |
| Comprehensive Income & Other | -2.06B | -1.46B | -1.86B | -2.45B | -3.52B | 6.93B |
| Total Common Equity | 8.91B | 9.41B | 9.19B | 9.43B | 10.76B | 26.64B |
| Minority Interest | 72.00M | 85.00M | 126.00M | 129.00M | 176.00M | 196.00M |
| Shareholders' Equity | 8.99B | 9.49B | 9.31B | 9.55B | 10.93B | 26.84B |
| Total Liabilities & Equity | 337.73B | 317.23B | 327.39B | 301.58B | 380.49B | 468.88B |
| Filing Date Shares Outstanding | 1.48B | 1.51B | 1.59B | 1.75B | 1.98B | 2.05B |
| Total Common Shares Outstanding | 1.48B | 1.51B | 1.59B | 1.75B | 1.98B | 2.05B |
| Total Debt | 3.83B | 5.41B | 6.89B | 7.30B | 6.78B | 15.22B |
| Net Cash (Debt) | -320.00M | -4.80B | -5.80B | -3.23B | -3.38B | -8.34B |
| Net Cash Per Share | -0.21 | -3.08 | -3.54 | -1.71 | -1.67 | -4.05 |
| Book Value Per Share | 6.00 | 4.98 | 4.59 | 4.31 | 4.50 | 11.88 |
| Tangible Book Value | 8.53B | 8.97B | 8.72B | 9.03B | 10.40B | 26.13B |
| Tangible Book Value Per Share | 5.74 | 4.69 | 4.30 | 4.09 | 4.31 | 11.63 |
| Machinery | 602.00M | 636.00M | 679.00M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.01B | 977.00M | 688.00M | -179.00M | -570.00M | 1.65B |
| Depreciation & Amortization | -187.00M | -202.00M | -64.00M | -184.00M | 141.00M | 51.00M |
| Other Amortization | 35.00M | 35.00M | 33.00M | 21.00M | 28.00M | 1.12B |
| Gain (Loss) on Sale of Assets | -8.00M | -8.00M | -8.00M | 46.00M | 20.00M | 125.00M |
| Gain (Loss) on Sale of Investments | -26.92B | -26.92B | -19.69B | -22.31B | 50.01B | -23.89B |
| Change in Insurance Reserves / Liabilities | 16.92B | 13.77B | 12.76B | 9.74B | -14.14B | 11.72B |
| Change in Other Net Operating Assets | 276.00M | -61.00M | -657.00M | 883.00M | -1.75B | -1.55B |
| Other Operating Activities | 11.47B | 13.40B | 8.19B | 13.04B | -29.94B | 8.56B |
| Operating Cash Flow | 1.78B | 434.00M | 762.00M | 864.00M | 2.67B | -1.80B |
| Capital Expenditures | -35.00M | -41.00M | -51.00M | -65.00M | -72.00M | -76.00M |
| Sale of Property, Plant & Equipment | 3.00M | 5.00M | 20.00M | 46.00M | 9.00M | 2.00M |
| Purchase / Sale of Intangible Assets | -15.00M | -13.00M | -15.00M | -48.00M | -26.00M | -36.00M |
| Cash Acquisitions | -1.00M | -13.00M | -41.00M | -34.00M | -29.00M | |
| Investment in Securities | 1.02B | 1.07B | 369.00M | 69.00M | 249.00M | -2.00M |
| Other Investing Activities | 1.00M | -1.00M | -2.00M | -1.00M | ||
| Investing Cash Flow | 968.00M | 1.01B | 300.00M | -2.00B | 733.00M | -54.00M |
| Long-Term Debt Issued | 946.00M | 700.00M | 2.67B | 3.57B | 3.91B | |
| Total Debt Repaid | -2.81B | -1.74B | -946.00M | -4.27B | -4.13B | -3.06B |
| Lease Payments | -29.00M | -33.00M | -37.00M | -39.00M | -49.00M | -59.00M |
| Net Debt Issued (Repaid) | -885.00M | -794.00M | -246.00M | -1.60B | -566.00M | 855.00M |
| Repurchases of Common Stock | -625.00M | -549.00M | -925.00M | -1.07B | -1.03B | -443.00M |
| Common Dividends Paid | -666.00M | -663.00M | -589.00M | -559.00M | -215.00M | -173.00M |
| Other Financing Activities | -39.00M | -29.00M | 5.00M | -11.00M | -27.00M | 61.00M |
| Financing Cash Flow | -2.21B | -2.04B | -1.75B | -3.24B | -1.83B | 300.00M |
| Foreign Exchange Rate Adjustments | 36.00M | -144.00M | 88.00M | -38.00M | 55.00M | 67.00M |
| Miscellaneous Cash Flow Adjustments | -1.00M | -1.00M | -1.00M | |||
| Net Cash Flow | 565.00M | -736.00M | -605.00M | -4.41B | 1.62B | -1.48B |
| Free Cash Flow | 1.74B | 393.00M | 711.00M | 799.00M | 2.60B | -1.87B |
| Free Cash Flow Margin | 14.91% | 3.22% | 5.53% | 6.18% | 18.20% | -4.03% |
| Free Cash Flow Per Share | 1.15 | 0.25 | 0.43 | 0.42 | 1.28 | -0.91 |
| Levered Free Cash Flow | -4.31B | -204.50M | -2.41B | 6.11B | -19.26B | 4.78B |
| Unlevered Free Cash Flow | -4.13B | 6.12M | -2.16B | 6.39B | -19.07B | 4.93B |
| Free Cash Flow After Leases | 1.71B | 360.00M | 674.00M | 760.00M | 2.55B | -1.93B |
| Cash Interest Paid | 45.00M | 330.00M | 405.00M | 516.00M | 247.00M | 296.00M |
| Cash Income Tax Paid | 9.00M | -76.00M | 80.00M | 321.00M | 38.00M | -21.00M |
| Change in Working Capital | 17.19B | 13.71B | 12.10B | 10.62B | -15.89B | 10.17B |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.40B | 12.27B | 10.16B | 10.12B | 10.06B | 10.04B |
| Enterprise Value | 12.84B | 13.68B | 11.04B | 12.11B | 14.70B | 16.38B |
| PE Ratio | 11.92 | 11.31 | 16.07 | 5.47 | ||
| PS Ratio | 0.93 | 0.86 | 0.76 | 0.71 | 0.66 | 0.19 |
| PB Ratio | 1.21 | 1.10 | 1.05 | 0.96 | 0.86 | 0.33 |
| P/FCF Ratio | 6.36 | 26.59 | 13.81 | 11.46 | 3.62 | |
| P/OCF Ratio | 6.24 | 24.08 | 12.88 | 10.60 | 3.52 | |
| EV/Sales Ratio | 0.96 | 0.95 | 0.83 | 0.85 | 0.96 | 0.31 |
| EV/EBITDA Ratio | 521.89 | 16.43 | 9.83 | |||
| EV/EBIT Ratio | 22.35 | 15.72 | 31.46 | 19.76 | 9.84 | |
| EV/FCF Ratio | 6.59 | 29.64 | 15.00 | 13.72 | 5.29 | |
| Debt / Equity Ratio | 0.43 | 0.57 | 0.74 | 0.76 | 0.62 | 0.57 |
| Debt / EBITDA Ratio | 7.20 | 7.01 | 18.68 | 347.67 | 8.10 | 10.06 |
| Debt / FCF Ratio | 2.20 | 13.76 | 9.70 | 9.14 | 2.61 | |
| Net Debt / Equity Ratio | 0.04 | 0.51 | 0.62 | 0.34 | 0.31 | 0.31 |
| Net Debt / EBITDA Ratio | 153.67 | 4.04 | 5.69 | |||
| Net Debt / FCF Ratio | 0.18 | 12.22 | 8.16 | 4.04 | 1.30 | -4.45 |
| Quick Ratio | 0.03 | 1.18 | 1.26 | 1.34 | 0.09 | 0.96 |
| Current Ratio | 1.16 | 8.00 | 6.95 | 4.98 | 1.31 | 1.39 |
| Asset Turnover | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.10 |
| Return on Equity (ROE) | 11.07% | 10.42% | 7.17% | -1.78% | 4.00% | 4.09% |
| Return on Assets (ROA) | 0.10% | 0.14% | 0.07% | -0.02% | 0.10% | 0.20% |
| Return on Invested Capital (ROIC) | 3.70% | 4.47% | 2.05% | -0.69% | 2.13% | 3.29% |
| Earnings Yield | 8.39% | 9.35% | 7.01% | -1.96% | -6.06% | 18.71% |
| FCF Yield | 15.71% | 3.76% | 7.24% | 8.73% | 27.63% | -21.21% |
| Dividend Yield | 5.02% | 5.79% | 5.68% | 5.74% | 4.83% | 3.94% |
| Payout Ratio | 59.84% | 67.86% | 85.61% | 10.48% | ||
| Buyback Yield / Dilution | 4.68% | 4.75% | 13.31% | 6.53% | 1.63% | 0.05% |
| Total Shareholder Return | 9.70% | 10.54% | 18.99% | 12.27% | 6.46% | 4.00% |